I have the same problem. I have my web site setup as an application off the default web site on my XP box and I have the database installed in Windows Server 2003.
In my Portals directory I have _default and an a directory named "0" with only some .gifs in it.
I checked the page permissions and it says all users and the module has inherent from parent checked.
I have given ASPNET account full privileges on the website directory and all its children.
Not sure if these are the correct tables but my Annoucements, Links, Vendor tables are all empty. I tried to add a link and I was able to fill out the screen but when I tried to save the new link it is the same error on the Edit Links page which was "An error has occurred.Error: Edit Link is currently unavailable".
For Welcome to My Website if I do Edit Text I do get to the screen to edit the text, I get the
... is currently unavailable" message on the Edit Text/HTML page.
I tried to add the Events module and I got the same error message and wasn't able to do the Add New Event option.
I looked around for a place where I may need to tell the site that I am installed on http:\\localhost\DotNetNuke.04.0.2 directory and not on the root of the site htt://localhost/.